EXTON, Pa., March 18 /PRNewswire-FirstCall/ -- Kensey Nash Corporation today announced that its board of directors has approved a stock repurchase. The new program allows the Company to repurchase up to a total of 600,000 of its issued and outstanding shares of Common Stock and has no scheduled expiration. The Company intends to finance the repurchases using its available cash.
“Given our strong cash position and the recent trading price of our stock, we believe we will be able to implement this repurchase program while maintaining the required financial flexibility and strength to continue to grow our business,” commented Mr. Joseph W. Kaufmann, President and CEO of Kensey Nash Corporation. “The authorization of this new stock repurchase program reflects the confidence that the board and management have in the Company’s business opportunities, as well as our commitment to long-term shareholder value.”
Kensey Nash Corporation plans to repurchase its shares for cash, from time to time in the open market, through block trades or otherwise. The repurchase program does not require the Company to purchase any specific dollar value or number of shares. Any purchases under the program will depend on market conditions and may be commenced or suspended at any time or from time to time without prior notice. As of February 28, 2009, the Company had approximately 11,513,952 shares of Common Stock outstanding.
About Kensey Nash Corporation. Kensey Nash Corporation is a leading medical technology company providing innovative solutions and technologies for a wide range of medical procedures. The Company provides an extensive range of products into multiple medical markets, primarily sports medicine, spine, and endovascular markets. Many of the products are based on the Company’s significant expertise in the design, development, manufacturing and processing of absorbable biomaterials, which has led to partnerships to commercialize technologies. The Company is known as a pioneer in the field of arterial puncture closure, as the inventor and developer of the Angio-Seal(TM) Vascular Closure Device, which is licensed to St. Jude Medical, Inc.
Cautionary Note for Forward-Looking Statements. This press release contains forward-looking statements that reflect the Company’s current expectations about its prospects and opportunities, including the financial forecasts for the third quarter of fiscal 2009 and the full year fiscal 2009. The Company has tried to identify these forward looking statements by using words such as “expect,” “anticipate,” “estimate,” “plan,” “will,” “would,” “forecast,” “believe,” “guidance,” “projection” or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other important factors could cause the Company’s actual results to differ materially from those in the forward-looking statements including, without limitation, current economic conditions, foreign currency fluctuations, risks associated with the Company’s continued research and development efforts with respect to the endovascular products (including the risk that those efforts will not be successful and that some of the associated milestone payments will not be received) and Spectranetics’ success in selling the ThromCat and SafeCross products, as well as the Company’s success in distributing its products into the marketplace, the Company’s dependence on four major customers (St. Jude Medical, Arthrex, Orthovita and Spectranetics) and their success in selling Kensey Nash related products in the marketplace, the impact of product recalls and other manufacturing issues, and competition from other technologies. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s SEC filings, including the disclosure under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
CONTACT: Joseph W. Kaufmann, President and Chief Executive Officer of
Kensey Nash Corporation, +1-484-713-2100
